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Questions and Answers
Which type of insurance provides catastrophic loss protection when underlying insurance is inadequate or lacking?
Which type of insurance provides catastrophic loss protection when underlying insurance is inadequate or lacking?
- Claims made coverage
- Occurrence coverage
- General liability insurance
- Excess and umbrella liability policies (correct)
What is the difference between duty to defend and indemnity coverage?
What is the difference between duty to defend and indemnity coverage?
- Duty to defend is a provision where the insurer has the right and duty to defend lawsuits against the insured, while indemnity coverage means the insured must pay (correct)
- Duty to defend is a provision where the insurer has the right to deny coverage, while indemnity coverage means the insured must pay
- Duty to defend provides primary coverage, while indemnity coverage does not
- Duty to defend is a type of liability coverage, while indemnity coverage is a type of property coverage
What is the purpose of excess and umbrella liability policies?
What is the purpose of excess and umbrella liability policies?
- To provide coverage for false, groundless or fraudulent lawsuits
- To provide primary coverage for businesses
- To provide catastrophic loss protection when underlying insurance is adequate
- To provide coverage when underlying insurance is inadequate or lacking (correct)
What are some of the terms used to describe the various coverage formats providing catastrophic loss protection?
What are some of the terms used to describe the various coverage formats providing catastrophic loss protection?
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What is important to understand about claims made and occurrence coverage triggers?
What is important to understand about claims made and occurrence coverage triggers?
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